Wednesday, February 11, 2009
Jim Rogers was on Bloomberg earlier today. He had a few thoughts to share on the most recent bailout plan from Treasury Secretary Tim Geithner, stocks, and sports cars.
There is much more in this story at Bloomberg, but it's mostly about his short positions in JP Morgan, IBM, General Electric, etc.
From the video - on the newest bailout plan:
The politicians are making it worse, not better, and you know why they're making it worse? They want to support their friends on Wall Street and the bankers so they can all keep their Maseratis or their Ferrari's or whatever they're driving.On what he wanted to hear yesterday:
I'd love for Mr. Geithner to say, "Listen guys, we've got serious problems" ... Mr. Obama could have said, "We've got a horrible problem. We've got to make up for a lot of excesses that have taken place over the last ten years. Some people are going to suffer. We have umbrellas, we have safety nets, we will do our best to help all of you who get affected by this, but it's going to be tough for a couple of years. Don't worry, America will come out of this in the end if we increase our savings, if we increase our investment, everything will be fine."There are a few more recent videos of Rogers over at YouTube.
But, instead what they came out and said was, "Look, we have a horrible problem of too much debt and too much consumption and too much borrowing. You know what we're going to do? We're going to borrow more and go deeper into debt and consume more."